VANCOUVER, British Columbia and LISBON, Portugal, Jan. 26, 2022 (GLOBE NEWSWIRE) -- TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (“TUGA Innovations,” or the “Company”), which is developing solutions to urban mobility challenges with the TUGA, a new type of Electric Vehicle (“EV”) is pleased to offer insight into strategic arrangements with respected Portuguese manufacturer VANGEST S.A. (“VANGEST”).
TUGA Innovations has shifted development from initial chassis and drivetrain studies to body styles, alongside the integration of multiple key benefits and features. This necessitated identifying a capable partner who could deliver within the Company’s deadlines. VANGEST quickly became the leading candidate through proximity to TUGA’s design team, and years of proven experience of not only promoting innovative thinking and delivering creative solutions, but also through their extraordinary facility campus dedicated to consistently and cost-effectively turning ideas into practical reality.
The name VANGEST derives from the Portuguese term “gestão de vanguarda” meaning cutting-edge management. Located in Marinha Grande just 135km north of Lisbon, the firm brings over 35 years of innovation and expertise employing integrated services and the latest up-to-date technologies from its sprawling industrial complex of facilities. Here, 12 independently managed companies and over 300 skilled workers help design and undertake award-winning rapid prototyping, tooling, mould production and assembly of products to efficiently service the most demanding industries that build the future: namely the automotive, aerospace, advanced electronics, and medical device sectors. For more information visit: https://www.vangest.pt/en/.
Company VP and Co-Founder César Barbosa states, “I was previously familiar with VANGEST and believed they could prove an excellent fit for our needs. We were thrilled by the response we received and the enthusiasm which followed. In short order, and under demanding conditions exacerbated by the global pandemic, they were able to meet our need for not only a functional prototype platform but were also able to deliver multiple body styles to demonstrate our TUGA Commuter, TUGA Deliver and TUGA One concepts.”
The Company’s ’s electric three-wheeled vehicle design incorporates an innovative expandable rear axle supporting interchangeable bodies. The vehicle aims to address the many challenges faced when driving in, between, and around urban centres and metropolitan areas. Prototype testing allows TUGA Innovations to advance plans to integrate transportation and digital connectivity into an advanced urban vehicle mobility solution that can be configured for the commuter, ride-share delivery, taxi, rental, and leisure markets.
Mr. John Hagie, CEO of TUGA Innovations concludes, “Working with VANGEST has been inspiring. We can now validate the platform and move ahead both on-time and on-budget. As we have come to learn more about VANGEST’s capability, we feel confident their manufacturing capacity may be able to manage all our initial developmental and pre-production needs up until mass commercialization becomes feasible. This both streamlines our planning and introduces economies of scale that ensure effective cost-controls to ensure future manufacturing expenditures and the all-important retail price projections can be forecast accurately.”
On behalf of the Board of Directors,
Sincerely,
~John Hagie~
John Hagie
Chief Executive Officer & Director
TUGA Innovations, Inc.
As part of the Company’s disclosure obligations as a public issuer, ongoing financial and material filings can be found under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About TUGA Innovations, Inc. (CSE: TUGA)
TUGA Innovations is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a three-wheeled, fully electric fore-and-aft 2-seat vehicle. The vehicle will be no wider than a motorcycle for agility and will have a patent pending expanding rear axle for high-speed stability. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform. Find out more at: https://tugainnovations.com/.
For further information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
Email: info@tugainnovations.com
Forward-Looking Statement
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “aim”, “aims to”, “may”, “would”, “could”, “will”, “will be” “likely”, “expected”, “anticipated”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to advancing the TUGA development and the Company’s commercialization of its automotive concepts, the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; the Company’s target markets, the width of the vehicle, the expanded rear axle feature of the vehicle, the advanced connectivity features of the vehicle and anticipated benefits, the km range and top speed of the vehicle, the protection and platform offered by the vehicle.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final prospectus dated November 30, 2021 under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
